Lexar shareholder vote on Micron deal to proceed

RuthMantell

SAN FRANCISCO (MarketWatch) -- A Lexar Media Inc. shareholder meeting can proceed for a vote on the company's proposed $688 million merger with Micron Technology Inc., company officials said Wednesday evening.

A California state court judge has denied a request for a preliminary injunction to delay the Lexar
LEXR
shareholder meeting, according to the flash-memory storage products company.

Subject to shareholder approval, the transaction, in which memory-chip maker Micron
MU, +0.37%
would acquire Fremont, Calif.-based Lexar, will close as soon as practical after the meeting, Lexar said. Micron is based in Boise, Idaho.

The deal has faced opposition from shareholders including billionaire investor Carl Icahn and Elliott Associates L.P. and sister fund Elliott International L.P. See full story.

In March, Elliott said the transaction "significantly undervalues Lexar," and estimated Lexar's total value to an acquirer could be $1.5 billion to $2.4 billion.

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